When people were still debating whether "the country can bet on Bitcoin," El Salvador had already provided a phased answer with a string of specific numbers: as of September 17, this Central American country, which first incorporated Bitcoin into its legal tender law in 2021, had accumulated approximately 7,777 BTC on its government ledger, with a total value of about $594 million, an average purchase cost of approximately $55,718 per coin, and an unrealized gain of about $162 million, corresponding to a floating profit of about 37%. Amidst the continuous concerns of international institutions like the IMF and external ridicule, El Salvador transitioned from irregular early buy-ins to a mechanized fixed investment strategy of "buying 1 BTC every day" starting March 16, 2024, using an ant-like pace to gradually turn a once-deeply submerged sovereign position into a victory that stands above the profitability line today. Almost on the same timeline, the Moscow Exchange—this country's largest securities exchange—chose another path: it announced plans to launch perpetual futures contracts based on BTC, ETH, SOL, XRP, and TRX indexes for qualified investors on September 22, packaging crypto assets into a familiar derivatives framework without disclosing details on leverage, fees, or settlement structures. On one side there is a sovereign long-term investment directly writing Bitcoin into the national balance sheet, while on the other, institutions are participating indirectly through regulated futures products. Bitcoin and a broader range of crypto assets are being bet on by different levels of power structures simultaneously; the true protagonists of this story are no longer just prices, but who dares and who is willing to place their chips on the table.
916 Days of Buying One Coin a Day: El Salvador Bets on the National Treasury
If the Moscow Exchange is using futures to hedge risk, El Salvador has chosen to weld the risk directly onto its sovereign balance sheet. After writing Bitcoin into legal tender in 2021, this small Central American country did not stop at a one-off symbolic action but continued to buy Bitcoin through a government wallet to accumulate it in the treasury. The real institutional turning point appeared on March 16, 2024—official strategy shifted from irregular accumulations to a mechanized fixed purchase of 1 BTC per day, from then on, the national asset allocation was dismantled into a repetitive and monotonous daily operation.
As of September 17, this "one coin a day" strategy has been executed for about 916 days, resulting in the treasury accumulating approximately 7,777 BTC. On the surface, this just breaks millions or tens of millions of dollars down into smaller daily expenses, but in essence, it is a years-long, ant-like sovereign bet: incorporating a highly volatile asset into the national balance sheet, and amid concerns from the International Monetary Fund and domestic public doubts on fiscal stability, insisting on methodically increasing the position little by little with a disciplined buying pace. As of September 17, the book value of these holdings is approximately $594 million, with an average purchase cost of about $55,718 per coin, unrealized gains of about $162 million, and floating profit of about 37%. After experiencing severe price fluctuations, it has entered a stage of profitability, but more importantly, the current book numbers are not what matters; it is the stance of a sovereign nation that continues to bear this risk with predictable daily actions amidst external pressure and internal controversy.
From Ridicule to Floating Profit of 37%: Fixed Investment Strategy Achieves Phase Win
When the numbers are brought back to the table, the short-term outcome of this long-term experiment is no longer a "feeling," but a quantifiable change on the books: as of September 17, the El Salvador government holds approximately 7,777 BTC, with a total value of about $594 million at that market price, and an average purchase cost of approximately $55,718 per coin. By this calculation, their national position's unrealized profit is about $162 million, with a floating gain of approximately 37%. This means that since starting the "daily purchase of 1 BTC" fixed investment strategy on March 16, 2024, after traversing a complete cycle of price fluctuations, it has entered a phase of profitability, rather than remaining merely a political declaration or expression of faith.
The contrast lies in the fact that this same position was once viewed as a "national treasury gamble" during market downturns, interpreted by external parties as a reckless sovereign experiment under the concerns and pressures from institutions like the IMF, with unrealized losses resembling a punishment for that narrative. Now, the 37% floating profit on paper provides a temporary "positive sample" for this fixed investment strategy, and the voices of skepticism must confront a fact: under the disciplined buying rhythm, sovereign participants indeed have the potential to achieve positive returns within cycles. However, all of this remains on the book level; the next wave of Bitcoin price fluctuations could erode or even wipe out the current surplus at any time. The true question this configuration experiment on the stage of the national balance sheet must answer is whether it can continue to function through multiple cycles rather than just appearing favorable at a certain point in time.
IMF Pressure and Public Opinion Controversy: The Political Game of Bitcoin National Policy
From the perspective of multilateral institutions such as the IMF, El Salvador's incorporation of Bitcoin into legal tender and its systematic inclusion in the national balance sheet is not merely a technical experiment, but a direct challenge to the existing financial order. Since the moment the label of "the first Bitcoin legal tender nation" was affixed in 2021, this small Central American country's debt sustainability and financial stability have been scrutinized under the spotlight: on one side are traditional institutions' concerns about the potential for drastic asset price fluctuations to amplify fiscal risks, while on the other side, the presidential office insists on buying 1 BTC daily and embedding Bitcoin into sovereign asset allocation as a political will. Under this tension, every increase in holdings is not just a trading decision but a signal sent externally: El Salvador chooses to continue betting on a highly volatile asset using state accounts under the pressure of multilateral frameworks like the IMF.
This choice has created a divided narrative in both domestic and international discourse. Supporters view the holdings of 7,777 BTC, or about $594 million, as a financial innovation experiment: in their narrative, the nation uses long-term holding to navigate cycles, hedging against the constraints of the traditional system while vying for new discourse space for itself. Opponents focus more on the risk parameters behind the balance sheet, worrying that once the price fluctuates dramatically in the opposite direction, the current unrealized profit of about $162 million and 37% floating profit could quickly turn into additional pressure on fiscal and financial stability. As of September 17, this unrealized profit provides the government with a phase "report card," sufficient to be emphasized repeatedly in domestic politics and international negotiation tables. Yet whether this report card will be seen as a bargaining chip proving the legitimacy of the Bitcoin national policy or as a high-risk bet that could reverse at any moment depends on whether future price cycles allow this path of sovereign asset allocation to remain viable.
Moscow Exchange Bets on Multi-Currency Perpetual: Russia's Move Towards Compliant Derivatives
While El Salvador uses 7,777 BTC to write a series of numbers onto its sovereign balance sheet, Russia chooses to put the same asset within the risk control framework of the exchange. According to Cointelegraph and PANews reports, Russia's largest securities exchange—the Moscow Exchange—plans to launch perpetual futures contracts based on BTC, ETH, SOL, XRP, and TRX indexes for qualified investors on September 22. This is not a new casino for retail investors but a tool open only to "qualified investors." The entry threshold and qualified investor system itself signal to regulators and the domestic financial system: this is an asset that can be incorporated into compliance frameworks but must first be cut into controllable derivatives slices.
From the publicly available information on product design, the Moscow Exchange deliberately keeps key details under wraps: leverage ratios, fee structures, settlement methods, etc., have not been disclosed, and the market only sees a broad outline of a multi-currency index perpetual. Unlike El Salvador's direct "buy and hold" Bitcoin approach in the spot market, Russia prioritizes developing a regulated derivative market, allowing crypto assets to first appear in the asset allocation of institutional investors in the form of futures positions, rather than directly entering national reserves or widespread payment scenarios. This presents two divergent paths in the same era: one where sovereign nations bear price volatility and political pressure, and the other where exchanges and qualified investors absorb risks at the contract level. Sovereign coin storage and institutional derivatives represent a dual-line betting strategy, jointly pushing Bitcoin and other crypto assets from marginal experiments towards deeper institutional participation.
Sovereign Coin Storage and Institutional Derivatives: Two Paths to Crypto Mainstreaming
El Salvador has chosen the most direct and exposed path: since writing Bitcoin into legal tender status in 2021, amidst concerns from institutions like the IMF and domestic controversies, it continues to buy through a government wallet and, starting from March 16, 2024, adopts a disciplined investment strategy of "buying 1 BTC a day," formally embedding Bitcoin into the national balance sheet. As of September 17, approximately 7,777 BTC, with a total value of about $594 million, an average cost of about $55,718 per coin, and floating profits of approximately $162 million at about 37%, represent the quantifiable results of this sovereign coin storage experiment through a phase, and also serve as a sample of a country backing crypto assets with real assets and political credit. In parallel, the other path is represented by the Moscow Exchange: Russia's largest securities exchange does not directly "chain up" the national position but plans to launch BTC, ETH, SOL, XRP, and TRX index perpetual futures for qualified investors on September 22, packaging crypto risks within regulated contracts whose detailed terms have not yet been fully disclosed, using institutionalized tools rather than treasury assets to test the boundaries of this new type of asset. One path moves Bitcoin into the sovereign asset allocation, while the other embeds crypto indexes into the institutional derivatives catalog. Both point towards the same trend: regardless of whether future countries choose El Salvador's long-term holding strategy, replicate the compliant futures of the Moscow Exchange, or seek mixed paths between the two, the ways crypto assets participate in the global financial system will only become more diverse and specific.
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